JMP Portfolio Pulse: Recent Updates On Stocks We're Holding
A few quick updates on companies we’re tracking — all of which continue to validate the investment theses we laid out when we first flagged them.
A Word on the Noise
Gold, silver, copper, uranium are all swinging on tariff headlines, rate expectations, and macro noise.
Watching your portfolio bounce around day to day is uncomfortable, but that’s not how wealth gets compounded in this sector.
I’m a thesis-first, metals-price-last investor.
Every company I feature was selected for specific geological, structural, or strategic reasons
And in every case, the thesis continues to improve.
Rick Rule has built generational wealth in resources, and he’s said plainly that he operates with zero FOMO.
He doesn’t chase or worry about day to day fluctuations.
Like Rick and many other successful investors, I position early, maintain patience, let the thesis play out.
That’s the discipline that separates compounders from speculators.
Speculators don’t sleep well at night because their timeline is compressed - bid watching has a price.
Stay the course. The catalysts are coming.
Here are a few quick updates on stocks we’re holding and covering.
Note that not all of our holdings are covered in this article - just the ones with recent, important press releases which deserve coverage. That said - I haven’t dropped any of the stocks mentioned in this newsletter (all are available on the home page).
If you missed the original thesis on any of these (or all) companies, a quick ticker symbol search will pull up past reports.
Auriginal Mining (TSXV: AUME)
Auriginal has received all drill permits and site prep is underway for a 5,200-metre program starting March 5.
This is a pivotal campaign and the first to specifically test their reinterpretation of Roger as a VMS system sitting beneath the historical porphyry-hosted copper-gold deposit.
They’ve traced a sulphide-bearing marker horizon for 1.5 kilometres in felsic-to-intermediate volcanics that carry geochemical signatures comparable to Agnico’s LaRonde deposit.
Downhole EM on nine historical holes lit up multiple off-hole conductors at the 500-metre level. A 3-D Leapfrog model shows significant thickening of mineralization along what they interpret as a volcanic dome axis; exactly the heat engine you’d expect driving a VMS system.
The porphyry deposit remains open at depth and to the northeast. This is discovery-stage drilling at its best: permitted, funded, and aimed at a well-defined target.
Formation Metals (CSE: FOMO) (OTCQB: FOMTF)
N2 Gold Project, Matagami
Formation dropped initial results from their first four holes of a fully funded 14,000-metre Phase 1 program, and they didn’t disappoint.
Hole N2-25-012 returned 1.75 g/t Au over 30.4 metres starting at just 64 metres downhole, including a 10.5-metre interval at 3.51 g/t.
Hole N2-25-005 hit 0.91 g/t over 42.3 metres from 14 metres depth.
Wide, continuous, near-surface is perfect for open-pit potential, and highly desirable for the majors who are watching this project develop.
These two holes trace a mineralized zone nearly 100 metres apart along strike and are outperforming historical averages.
Formation is sitting on a historic resource of roughly 871,000 ounces across six zones, most of which remain open along strike and at depth.
The A Zone alone has over 3.1 kilometres of strike still undrilled.
They’ve got $12.1 million in working capital, zero debt, two rigs turning, and 24 holes advanced with nine sets of assays still pending.
Near-term catalysts are stacking up, with a maiden resource estimate targeted for Q3.
Atlas Salt (TSXV: SALT) (OTCQX: SALQF)
Great Atlantic Salt project, Newfoundland
Atlas expanded its MOU with Sandvik Mining to $132 million in equipment and services, up from $73 million, reflecting the updated feasibility study’s larger scope and production ramp to 4 million tonnes per year.
Sandvik is now positioned as a long-term integrated project delivery partner.
The deal includes vendor-supported financing for capital equipment during construction and ramp-up, plus battery-electric and automated fleet technology that will reduce emissions and ventilation costs.
This is the kind of institutional-grade partnership that de-risks execution and signals to the market that serious players are lining up behind this project.
UraniumX Discovery (CSE: STMN)
Three Uranium Assets in the Athabasca Basin
UraniumX closed an upsized LIFE offering at $4.31 million. This adds to an already strong treasury, bringing a junior explorer to controlling a war chest of over $8 million. That is a material development.
Proceeds go directly toward advancing Murphy Lake, Zoo Bay, and NeoCore in the Athabasca Basin.
Murphy Lake is the obvious and immediate excitement here, given its proximity (3km) to IsoEnergy’s world class uranium discovery, the highest grade on earth.
The oversubscription speaks to growing investor confidence in their portfolio and the broader uranium thesis.
They’re funded and positioned to execute their 2026 exploration strategy.
I am accumulating aggressively.
IMPORTANT DISCLAIMER AND RISK DISCLOSURE
This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.
All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.
Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.
The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.
Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.
This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.
And your position in KCLI , any news?